01/03/2013 02:02 pm ET Updated Dec 06, 2017

Carl Levin: Imperfect Fiscal Cliff Deal Far Better than Recession

(WASHINGTON) -- Following a vote in the House of Representatives to approve a bipartisan Senate deal to avert the "fiscal cliff" and preserve Bush-era tax cuts for all Americans making less than $400,000 per year, Senator Carl Levin says the deal that was reached may not have been the best one, but it's better than no deal at all.

"Inaction would have threatened to throw us back into a recession, and that was clearly unacceptable," Levin said in a statement. "So while I would have preferred an agreement that better addressed our historical shortfall in revenues, passing an imperfect agreement was far better than the alternative of returning to recession."

Levin adds that, "Closing offshore tax loopholes and ending corporate tax avoidance gimmicks will help us avoid the harmful automatic cuts to important domestic and national security priorities and make the tax system fairer."

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